In a new international recognition, Amal Microfinance Bank wins Pioneer Award 2014 from Child and Youth International. The winner was announced in a special ceremony held in New York on May 22, 2014. The CYFI Pioneer Award acknowledges the accomplishments of financial service providers who are pioneering innovative and original Child and Youth Friendly Financial Products, combined with an education component delivered through a variety of media channels and employing a variety of learning methodologies.
Al-Amal Microfinance Bank deserved this award due to the Bank’s leading role in providing financial and non-financial services for both children and young people in Yemen.
In the last five years since the inception of the bank, AMB has placed great care to develop suitable financial products for both child and youth. The bank has enabled more than 29,000 young to start up or expand income generating enterprises with simple collaterals. In addition, the bank has encouraged about 17,000 youth and 10,000 children to open savings accounts in the bank.
Regarding non-financial services, the bank established last year Al-Amal Foundation for Training and Entrepreneurship. This Foundation is the first of its kind in MENA region in terms of integrating financial and non-financial services provided to entrepreneurs in Yemen. Moreover, the bank has conducted several raising awareness campaigns for students in public and private schools, universities, institutes.
It is worth mentioning that Al-Amal Microfinance Bank enjoys wide local and international recognition and has been awarded several local and international awards due to its achievements in decreasing unemployment in Yemen, improving the economic situation of low and limited households and leading Microfinance Industry in Yemen and the MENA region.
